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tv   Book Discussion on Obamas Enforcer  CSPAN  September 1, 2014 10:32pm-11:32pm EDT

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the economy levied by the richest people in the economy. so that's offensive. even if it's $20 billion, $20 billion who cares? i'm marty starting to get a little worked up. then i think well what they have done in order to secure this? what are they done to structure the markets in order to make the 20 billion-dollar rift possible thanks they have compromised the structure of the market and this is a collaboration of banks exchanges and high-frequency traders. they have made it less stable than it could and should be. it made it highly unstable. we have things like ipos going poof. we have outages on the exchanges. what does that cost? it causes a blind trust in the markets. that gets right at the core of capitalism. the whole thing runs on trust so
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what's the cost of this? it's very hard to measure but i can tell you that it's not cheaper for corporations to raise capital in the stock job t how to take money for middle-class people and transfer it themselves rich people.
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so what does that do? and compromises our educational system. some people on wall street. it perverts their ambition and it creates this is a moral problem. it's a technic this problem and what you get in the end is what we have right now, which is a financial system that nobody trusts, that can persuade to be trusted because they watch what they did in a financial crisis and whose interest are completely out of line. we don't want that relationship. society can't function if the interest underlined because then what you get is people with money influencing it, influencing the political process, the direction of
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regulation and you get to that can't collaborate and that's the problem we are facing. this is a microcosm of the problem so yes we are only losing a penny but the story is much more complicated than that. >> host: up next to sean in battleground washington. sean thanks for holding on. you are on with michael lewis. >> caller: mr. lewis you were just on it but it seems conservatives like charles murray and all the conservative think tanks they project onto poor people all of the corruption and wickedness that they themselves are guilty of. 15 years ago in the summer of 99 roger ailes was a guest with brian lamb and i called them up and roger ailes of course was instrumental in starting "fox news" and cnbc and rush limbaugh's career and all that and i passed mr. ailes about the specialist firm that was from running the tape and of course
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off my question but then five years later the sec levied something close to $250 million of fines on the specialist firms were for running the tape. so i was wondering if you could address the questions of conservatives projecting. the country would be surprised to know that our nation is run by cocaine snorting frat boys. [laughter] it's really a crime if "liar's poker" is an turned into a major motion picture. i just saw the woeful wall street yesterday and i think "liar's poker" would be even better. >> host: sean we have a lot of callers on the line. it lets leave there. thank you. >> guest: so can i run one particular -- i will start by recommending hollywood listen to what he said because i think would be great but i don't have
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any control over that. one worry i have for the story i just told is it's clearly causing an uproar. more of an upward than anything i've written in my life. the only thing it reminds me of actually very closely was a smaller sphere was "moneyball" which disrupted baseball. rethinking environment and in this case you have disruptive entrepreneurs introducing reform through the market on wall street which is a much bigger stage. my fear is that because, because it may be party politicized. when eric holder as he did yesterday announces as they shared a justice department investigation all of a sudden it becomes liberal versus conservative. it becomes democrats against rich wall street guys and republicans line up to generate
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campaign funds by wall street and find arguments to make serious arguments but nevertheless we get back to this poisonous sort of, back in the poisonous debate where everything is zero-sum. what i love about this story is it isn't that way. conservatives should see that this is a market solution. i mean the spirit of the heroes of this book, it's a very conservative spirit in a way. they are not looking to the government to fix the problem. they think the market can fix the problem. so the broader question on who is to blame for whether wall street is properly regulated, i think it's more complicated than a party political problem. i think the problem is that for a bunch of reasons wall street all of a sudden started making much more money than it used to make.
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i'm talking the break happened in the world 30 years ago and it's very hard for regulators to regulate an industry which people are so much better paid. there should probably just be someone out there that if a person is being regulated makes more than 10 times the regulator the regulation will never happen. something like that but to add to that you are dealing with every case where regulation is called for. it ends up being an arcane imploring argument between specialists and so much smoke and dust drawn by both sides, the public can participate. it's too complicated unless you are going to spend your whole life paying attention to that one little regulation. so it ends up being by nature kind of the backroom deal and you have a backroom deal and there's a lot of money in the front room it's part of the backroom deal to achieve what
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society would like them to achieve. >> host: calling from portland oregon hi calling you are on with michael lewis. >> caller: hi. i'm not worried about goldman sachs but i'm wondering how you can fix this problem and not the market, the only market we can invest in and not jeopardize the portfolios of the little guy. >> guest: the market is pretty clearly already uneasy, and made uneasy things that are happening in the market. things like the flash crash. the problem of confidence in the market structure is it's not a problem of appearances. the problem of reality. if the market structure is inherently unstable eventually even if people temporarily have confidence, that confidence will be shattered so how do you fix the problem? you expose the problem and you
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work with people who have a solution to the problem. so that's what the story is about. it's about fixing the problem. it's about people actually figuring out a way to make the market stable and reliable and trustworthy. i'm not worried about goldman sachs. so i think that i feel like it's funny, i feel the first half of this book is kind of depressing when you learn about what actually happened in the second half is figuring out the solution is extremely helpful -- helpful and the choice is so stark between fairness and unfairness in there so much noise about what they have done i think it's all very helpful. >> host: somebody we haven't talked about. who is there j. aleynikov. >> guest: sergei linew cough is how i became interested in telling the story.
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he was a high frequency trading computer programmer at goldman sachs in 2007, 2008 andy leaves goldman sachs in 2009. before he leaves e-mails himself some computer code some of which he had been working on some of which he had not been working on. goldman sachs sees this former employee had gone to work for high frequency trading firm and goldman sachs instantly in a matter of hours calls the fbi and the fbi instantly arrests sergei aleynikov. and a trial is held in the sentence for stealing the computer code. his conviction was reversed but
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only after spending a year in jail. what caught my eye was i had three questions in this. one was we had just come through this financial crisis which goldman sachs had a lot to do with any other person ends up in jail was the person that goldman sachs wants put in jail. that's very strange. why? what did he do? what was such a big deal that he deserved to go to jail but people who tank the entire economy don't have any exposure. the second thing was the prosecutors who went after him said after he was arrested he couldn't go back out on the street on bail because it was so dangerous to have someone who had access to this computer code because the code be -- could be used come i can't remember the language but the effect was crashed the financial system. disrupt markets and if it were in the wrong hands that could happen. i thought access in the wrong hands? we are supposed to believe that
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these wall street firms have code that could be used to do bad things in the markets but that's okay and this guy who is left in his hands and we have to put him in jail so that made me curious. finally the other thing was he was engaged in high frequency trading a term which i don't think if the newspapers. so what's that? wall street generates these terms and they say yeah they know what it is but i do know what it was. mostly people asked on wall street did know what it was either. i was clearly so valuable that it caused goldman sachs to hit the panic button. they called the fbi? nobody does that. they don't really do that almost three. there are other ways to handle the problems. so i started to ask around about what this was. high frequency trading and this is where a stumbled on brad
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caggiano. at that point he had been wanting had been wandering through the offices of some of the most most, biggest most sophisticated money managers on the planet and telling them what he had found out about what high-frequency traders were doing and goldman sachs at that time was among them. people said to me look there's a lot of noise about the subject right now. there is no one who can describe this in 2009 like this guy. he works for the royal bank of canada. i have no idea how he know so much and how he figured out is insane. i went to him in the first place to figure out whether sergei aleynikov. whether it was valuable and should he be guilty and he helped me understand that and he helped me understand really the tragedy that happened in initial process. the jurors, there was no way anybody was left with a true
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understanding of what had happened. but in him explaining sergei aleynikov. he was explaining this thing that happened in the stock market and i thought my god what a story. sergei aleynikov. became a book and it became a magazine piece. some of the stories in the book but the guts of the story was this young man who is trying to figure out how to reform the entire u.s. financial system. >> host: we are talking with michael lewis and "flash boys" is his most recent book. jim in iowa. >> caller: thank you for this book and bringing attention to this font, much has been a problem for a long time. i wonder if -- playing any part of the obvious manipulation of the gold and silver markets for example where a lot are astronomical amounts triggering
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cell stops to manipulate the market lower and if it's threatening the global monetary system? are they a part of that? >> guest: in the interest of trying to say something that doesn't bore people who are listening there's an observation that who has been watching the commodities markets? the foreign exchange market and that is it's how much manipulative activity in the prices of things have been going on. the libor scandal in london, the foreign exchange trading scandal and it also raises the question, as has always been going on and we didn't know about it or are we in this great age of manipulation of the markets by the giant actors who sit at the
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center of the markets and the stock market being one of those markets. i don't know the answer to that but i have a suspicion and my suspicion is that broadly what has happened in the financial system is technology through the computer has different technology, has greatly reduced the necessary role of wall street. wall street used to make money standing between buyers and sellers and so the firms they actors on wall street have been forced to find other outlets for revenues and one of those outlets has created complicated things that people they seldom do don't understand. another may be mucking around the markets that really shouldn't be mucked around in that i do not know the answer to this question. >> host: all of this research michael lewis what is your
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understanding of the market? do you think you understand it fully? >> guest: no. the stockmarket? i understand it well enough to write the story and i'm convinced that deep misunderstanding of the market is held by the main characters in the book. but it's breathtakingly complicated. for example there are 150 different order types that high-frequency traders can use to submit the stockmarket and most are designed not to trade, to move the price around and i don't know all of them. i know eight of them. if one of them allowed its incredible so i can give you an authoritative account of all the order types. i can give you a broad description of what they do in a few examples. i can tell you this. i know now enough about the stock market that i know i don't want to know anymore.
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and what really needs to happen is that needs to be simplified and clarified. it needs to be understandable and it shouldn't be secretive. it doesn't need to be this complicated. >> host: are you in the market? >> guest: yeah absolutely. my first reaction to learning what i learned when i started investing in the story was i'll take some of my money out of the market completely just so that if this calamity that seems like it's possible happens i don't feel like a fool for having at least people tell me to watch out for did not do anything. what i don't do is bother to pick stocks. i think it's a fools game. and certainly for me i just don't have the interest. i try not to lose my money. i do the market in two ways. i basically buy index funds and another version of this is i get
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my money to warren buffett and let him worry about me. i buy shares in berkshire hathaway. i figure whatever happens he will be able to defend me. whatever we want to do is not think about this. i want to think about writing stories so that's how i do the market. >> host: bill in tucson arizona please go ahead with your question or comment. >> caller: i have been involved in the market for over 50 years. my question is regarding the corporations that have their stocks listed on the new york stock exchange and other exchanges and their reaction to high-frequency trading and a feeling that their stock prices are being manipulated by these high-frequency traders. >> guest: that's a great question. if i had been a better writer would have found some way to weave it into the book because you look at the interest and the
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book is framed as a story essentially a dance between predator and prey, the prey is framed in the book being investors in the market, people who are buying and selling stock in holding stock for more than a millisecond. and the predator being the high-frequency traders that it's true that there's another party in a transaction that you never hear from and probably we should hear from and that is the real economy out there. the purpose of the stockmarket is to channel investment capital to people in to people in and put it to productive uses. all this nonsense has nothing to do that. it's a lot of unnecessary financial -- so how do some corporation built by the stock. people at facebook weren't happy about their ipo. i've talked to people about that kind of thing where the glitches were so obvious that they would throw up their hands and say how can it be like this?
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but i think that's a constituency that needs to start to go to capitol hill and say look, this mucking around in the market, how much dollars these guys are taking up maybe a big deal. we need this market to be sound and stable and read their stock prices to feel like they're reflecting something. so this is a long way of saying it's part of the story i never got to. i i never went and interviewed corporate executives about how they felt about these people and my guess is in most cases they don't know about it. they are not aware of it so as not high on their list of concerns. they are busy running their business but maybe now they will get interested. >> host: john and madison alabama. >> caller: mr. lewis i certainly appreciate hearing what you have had to say today in what you've done with your book. the question i've got is with
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the federal reserve and the u.s. treasury and i'm trying not to be political like you said earlier. i agree with you about that but with all of the things and the money that is being put in by our government how is this impacting that and desist making them more and stable? >> guest: the stimulus takes many forms. its zero interest rate policy. its quantitative easing. it's buying bonds in the market to try to lower long-term interest rates to stimulate economic activity. this is a big big discussion and everybody will be stupider who is listening if i dilate on it for too long.
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but what you need is a panel of economists who disagrees over one n see that nobody knows. what is clearly true is that the stockmarket is the beneficiary of easy money and would also seem sort of true is that for some time now the federal reserve in my view has spent too much time worrying about levels of the stockmarket. i feel government policy seems to respond to the stockmarket as if keeping the stock market up as a goal rather than something that should happen in the stock market should go where it goes kind of thing. does it contribute to instability? it certainly doesn't in a new direct waved play on the structure so i would say no and i would also add that the problems that say ben bernanke faced when the financial system
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basically collapsed in 2008, the decisions they made to deal with the problem of money was i think whether it was ultimately wrong or ultimately right was a brave decision and i think is probably right given the government was paralyzed. it was the one-way to prevent depression from happening. everything that happens after that is a secondary concern. so i actually think ben bernanke is an american hero. i do. i think what that man did is incredible and he is taken all kinds of grief and i have said nasty things about him i'm sure. he didn't see the sub-prime crisis coming but given the hand he was dealt to play he did what
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he could and i think a lot of people would have done the same thing knowing what he knows. that's all i have to say. >> host: do you foresee a class-action suit at some point? >> guest: you just want the problem to be fixed. it's like zero-sum bickering between political parties. all we need to do is fix the problem. here's a solution to the problem. let's just do this and not worry about lynching people or figure out the names of the high-frequency traders that of msn embarrassing people on national tv. it's just not necessary. the more that there is the less likely there is a solution because the people perpetrating the problem feel like they have really been exposed. let's just fi fix it. >> host: do you think congress and the sec have the technical ability and knowledge to look at this problem? >> guest: yes, actually to.
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the question is if the money funneled in the process by people who are making lots of money and the advantages on the exchange is going to overwhelm the debate? what we -- you will see is a fog machine inside congress and the sec. their numbers and data that don't mean very much or false or whatever. but my hunch is that now the problem is exposed and the way it's been exposed, the problem can be dealt with. the regulatory process can do the things it needs to do which isn't necessarily to introduce one new regulation. we have seen what happens when there's a well-meaning regulation. i think the two things that people in congress who are concerned with this issue and regulator should always keep in mind is everything should be in the direction of increasing transparency, genuine transparency and not radical transparency. so people actually know what happens whether they did for 800
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documents great actual transparency and being very sensitive to the system creating in the financial markets. it's the story of wall street in the various crises we have had. people just like answering the call and if the incentives are about the behavior is bad. you won't change the behavior lets you change the incentives. >> host: finally i was a little confused by the last chapter and we don't need to tell everybody what it is. they can pick up the book "flash boys" and read it for themselves. the last chapter are you previewing your next book or are you previewing bigger, better, faster? or something else? >> guest: the book ends, it's going to take a long time is like a bike ride. writing along the fiber-optic cable to cut off two milliseconds cost $300 million.
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no one who was around me what the purpose was. this thing is like a beast underground. i went writing along on a bike and see i'm writing on the bike there's a newly constructed chain of microwave towers hovering on the hills of pennsylvania. those microwave towers are there because they are able to move the signal a couple of milliseconds faster than the slime that was put in three years ago. the mystery is who did that so i right up to one and i list the sec number on the tower and i say go figure it out. there's an interesting story about to do this and why. it's not my next book but at the bottom of the story is the question. do people want to know enough to go and find out how it works and it was a challenge to the reader. go on the internet and you can figure out what's going on. >> host: "flash boys"'s name at the book michael lewis is the
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author. >> guest: thank you. ..
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>> >> i am the director of the center for urd judicial and legal studies and we're here today to discuss a new book entitled "obama's enforcer"
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eric holder's justice department" it is as thorough in a provocative account of the department of justice for attorney general air colbert and describes a justice department confused with hyper partisanship and racialism and describes a department that is preoccupied with giving its version of racial justice which has no qualms to bend or ignore or break was to serve its purpose no qualms by attempting to do discredit his administration that still serves at the department of justice and no qualms to cover up dirty laundry like "operation fast & furious" we are lucky to have the co-author of the book hans von spakovsky and john fund who previously collaborated on his counting
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published 2012. to my immediate left is john fund at a journalist referred to as the top of the congressional reform movement curtly then national column affairs a frequent panelist for fox news channel an editorial board member of "the wall street journal." teeeighteen is a senior and the goal fellow here former presidential appointee to the federal election and the commission prior to joining in 2006 he counted to the assistant attorney general for the civil rights division of the department of justice please join me to welcome our panel. [applause]
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>> 80 for coming i.m. john fund i thought i would give you an update on the news that touches on the justice to buy it -- department. the one that lost two years of lois lerner is emails. two years. the dog was very hungry because today they told congress it also lost the males of six others in the irs scandal including the then chief of staff who was fired in the wake of the nonprofit scandal. it is now in of seven employees in emails and hope
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they send this dog to the pound because he is doing untold damage. the reason why this touches with the justice department to be in charge of the i.r.a. start getting scandal. you cannot say he hasn't interviewed anyone but of all the players i know it is with all deliberate speed. and barbara boxer of marin also one of the most important campaign donors with the original election campaign going all the way back through primary season 2008.
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of course, there is no conflict of interest that even to'' president obama a smidgen of evidence. i am not here to directly address the i.r.a. scandal but i would like to talk about with the above if registration with the remarkable expansion of power and authority. every president has the right and responsibility with the mandates with the judicial branches. this president has increasingly with the previous authority presidents have never had and egregious example back
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in 2011 president obama rejected the notion with us deportations to be suspended through executive order here acknowledge that there are laws on the books of congress through those congressional mandates that was then and this is now. and it affected illegal aliens in congress's failure to act the obama administration recent the deferred action policy that does what congress refuse to do it exempted from deportation the 2 million illegal aliens similarly guillemot in force illegal
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immigration -- immigrants setter parents. secondly it effectively has the know a child left behind act. to adopt certain education policies -- policies that is the lawmaking branch. leslie when the senate refused president obama able to ever appointments with every third day from pro-forma recess and the president with a practice that dated back over 60 years it made the extreme argument of course, the
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senate could have the recess power forever that is the only remedy they would have. the extreme positions of the scope of federal power to leave even sympathetic judges unimpressed and in odd positions one of the more remarkable distortions of the obama administration since 2012 is the supreme court and approximately one dozen times depending on how you characterize that decision. it is a series of cases from property rights to freedom
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of information act request a and goes down the line. these are the unanimous defeats in with that of environmental protection agency trying to prevent a family from defending itself with ludicrous order from federal bureaucrats. and trying to build a subdivision in idaho demanded construction to give epa access to comply with the administrative order and gave the family of fine of $75,000 a day. the departed justice was defending the right of the catch-22 if they complied with the rules to face fines of $75,000 a day while waiting for the epa to use due to deny their day in
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court the supreme court did nothing. then we have the case the justice apartment essentially tried to convince the supreme court the fourth amendment protection should not prevent that government for tracking every american at any time without any reason. believe better not the justice argued police should be able to attach the gps device to your car even if you are not about to commit a crime. the justice department arguments fell on deaf ears president obama zone day chastise the justice department for invading privacy and to the fourth amend their protection and i could go on. this is a remarkable record of defeat and in fact, if
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you look over the last two or three terms the justice department was only in court 40 percent of the time compared to an average of 70%. to put that into perspective they failed over twice as often in more than three times as often as the bush administration and i believe in the next couple of weeks we may see more unanimous decisions perhaps even on the recess appointment question. even liberals are starting to wake to this the professor of law at george washington university said he is very concerned there is a shifting of gravity
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within the constitutional system is a dangerous way to make it on stable and we still hear a lot of objections through the powers of did executive news media but they have not been raising those same objections now with the democrat in the white house and this is happening to our peril and died believe this is a cult of personality for those on the left i happen to agree with the above is policies but it is not as important as how you do something as what you do but for that and other reasons i wrote this book covers of a wide range of subjects to the irs scandal withholding of documents various congressional investigations not just the irs to the administration record on national security or all
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whole range of things and for some of that in preparations for your questions hans von spakovsky will pick up their. thank you. [applause] >> of the real question is why should you care? and this is the justice department were i worked iãthise department were i worked it is the most powerful and largest law-enforcement agency in the u.s. and they can make or break any individual or any business in ruin you economically and put you in jail. we should all hear the justice department that is politicized not pursuing justice the way it should because that kind of abuse of power is frankly dangerous to our freedom and liberty one of the people we interviewed was hired during
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the clinton administration said eric holder is the worst attorney general since under nixon and the department will tell you that is the nader. this book talks about how he came to the justice department many people forget he was the number two guy there during the clinton administration and was the go to guy for the white house because they did not trust the general reno to make the right political decisions but they trusted eric holder. but that is the key thing to understand that eric holder is the ideologue that considers himself the president's attorney first and the attorney general second. and that is a very big problem for the attorney
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general some will characterize it as part of the job but it is not we have professional attorney general's in the past under that democratic administration but i am afraid if you read the book we don't have that with the current attorney general and one example of how this is not something new. to happen during the clinton administration. i am sure you have heard he helped to engineer a pardon for in international fugitive i am not sure it ever happened before there is a party in office at the justice department we do about this that had not been arrested or convicted the somebody fled the united
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states after his wife gave a lot of money for building the new clinton library. that is one of the worst things eric holder engineered. it was another series of pardons there's 16 terrorist of a porter we can independence group involved with 130 bombings and hundreds of injuries in a federal judge said death the note -- penalty had been available there were totally and remorseful so they threatened to the federal judge who was sentencing
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them. the attorney was against any pardons for them and do you know, what to? none of the 16 terrorist had sought bargains from the clinton did ministration better colbert engineer the pardon of a favor because when this was going on when hillary clinton started the run for the senate in new york and these political consultants help her campaign to get the porter we can vote so eric holder was willing to sacrifice national security and the victims of these bombings and killings.
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now we talk about many other areas including the environmental division with a whole chapter to talk about gibson and i have to tell you that in itself is shocking gibson guitar is a story american guitar maker in business over 100 years and what happens the justice department treated them like they were a mob organization or drug cartel armed agents showed up at their factories and offices and seized all business records, computers and hundreds of thousands of dollars of wood they would use for the finger boards under the claim they had illegally imported the word -- was from india and madagascar are despite the fact they had evidence this would was perfectly legal in india and madagascar are.
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but this is something that was urged by the environmental allies of the administration like greenpeace and others said they are treated like the worst kind of criminals the case went on and on and in the and the justice department entered into a deferred prosecution agreement can tell you one day and tear into a deferred prosecution did not have the evidence to go to trial to convicted is very clear in this case because as part of the agreement they agreed to give back all of the of would they seized it in the future to prevent them from importing it that 1.they seized the wood from a
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supplier that don'ts apply just to gibson guitar but other guitar makers. but gibson guitar is the only guitar maker but the head of the organization is a prominent conservative and very outspoken and the others have received the same would were not subject to this type of prosecution john has gone over that in the only thing i want to say about that is you take the extreme legal position when all justices disagreed including your former solicitor general but we have a dozen cases like bad and the solicitor general going from always winning their cases to losing most of the cases that is showing how extreme the legal position the department is taking we have a whole chapter about the civil
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rights division were used to work. recall that the un civil rights division and not just based on our opinions but the inspector general report back almost no media attention. it describes everything including what was committed by the civil-rights division the case that a judge castigated members for engaging in behavior that was so bad he notified them and what were they doing? one of the lawyers in the civil rights division was making the anonymous postings from the main
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newspaper in making anonymous postings that attacked the defendants in the case they were prosecuting to attack the defendants and their lawyers and in fact, who was doing it? seventh you may know through the lawyers when a police officer is involved in this scrape they have to talk to internal affairs they cannot assert the fifth amendment they have to answer the question so whenever information they give internal affairs investigators cannot be used and prosecution later. of this particular boy air
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her job was to protect the rights of the defendant to be prosecuted to make sure it did not use that evidence yet to put up anonymous postings attacking the defendants she is supposed to protect and her lawyers and she still works at the civil rights division in this inspector general's report has all types of anonymous postings including a woman once investigated lied about it to the investigator to the reason she finally admitted she is making anonymous postings was the investigators confronted her with the e-mail evidence you know, what her reaction was?
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this woman was not disciplined for a breach of ethics to was not terminated she still was that the civil rights division treated as a hero why because of conservatives so we also talk about a particular scheme that was a settlement in engineered by the justice department and the white house the biggest political payoff in history used in taxpayer funds to buy the vote of regroups and member of the department of agriculture in the history of the united states and
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there is actually a meeting that the white house in which members of the justice department and said we will win the case even the experts said know we are saddling the case the holder has on numerous occasions misled congress to say i don't know when ask questions about issues and i could tell you something important about that when i was a the justice department part of my job was to prepare to testify in front of congress we would have a whole to the people put together elaborate briefing books weiner to pages
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briefing papers one or two pages of briefing papers my boss could be asked and then we would bring in a the boss and john used to work and would participate we will get to play our favorite senators and members of congress and we would ask questions about her boss would testify in there was never a single question that we could not prepare our boss. so i tell you when the attorney general constantly says i don't know to answer question after question with
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those key issues and he case is you have two choices one is the has contempt for congress does not care about their oversight and does not want to answer or he has a totally incompetent staff who was not preparing him right i worked with people at the justice department they're not usually incompetent so you can choose which of those is going on. we also cover national security there is so much to say there i was just a couple things. he has moved the justice
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department back that criminal element dealing with terrorism which was a failure during the clinton administration and he has by the way open that more week investigation of classified information and in the it attorney-general but they have a very interesting pattern that when they're able to find and prosecute lower-level individuals they do so but all of the leaks that clearly and obviously have come out have come out from the dangerous release of information that can now with the killing of the osama bin london to identify seal team six putting their families in danger to the
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release of information to the fire is that we successfully slowed down the production of a nuclear bomb. the justice department does not go after those people. all of the leaks deliberately engineered to make the president look good eric holder has no interest to do that there is a great story added that about the factor former secretary of defense robert gates was so concerned of the leaks coming not of the white house for these issues he requested a meeting with the national security adviser to say he wanted a meeting about the strategic communications app

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